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The securities regulator Bangladesh Securities and Exchange Commission (BSEC) has restructured the board of Simtex Industries to pacify the company’s internal conflicts and protect investors’ interests.
To this end, the stock market regulator on Wednesday issued a directive signed by its Chairman Professor Shibli Rubayat-Ul-Islam.
The regulator, as per the directive, instructed the issuer to restructure the existing board by appointing five individuals as independent directors instead of the existing independent directors Md Akram Hensam, Shah Md Asad Ullah, and nominated director Sharif Shahidul Islam.
The new independent directors whom the BSEC appointed are Lieutenant General (Red) Sheikh Mamun Khaled, Associate Professor of the University of Dhaka Shobod Deh Nath, partner of the Zurist Kawser Ahmed, Associate Professor of the University of Barishal Dr Md Abdul Kaium, and Business Entrepreneur Abid Al Hasan.
The restructured board will elect Sheikh Mamun Khaled as the board chairman, as per the regulator’s directive.
According to the BSEC order, the restructured board will adhere to the provisions of the Corporate Governance Code, 2018 in the formation of different board committees and also in the conduct of the operating and financing policies of the company.
Besides, former Simtex Industries Chairman Lieutenant Colonel Anisur Rahman (Retd) sought the intervention of the stock market regulator to save the company and his life from loan scammer PK Halder’s associate Siddiqur Raman’s clutches. In his complaints recently lodged with the BSEC, Anisur Rahman said Siddiqur, one of the founders of Simtex Industries, secretly went to Portugal via India soon after a case was filed against him by the ACC.
“Siddiqur had taken crores of taka from the company, violating the securities rules,” he stated.
Anisur Rahman took over the charge of the company as a director and continued working as a signatory in all banks and offices as the company’s chairman, he noted.
On Thursday, Simtex Industries shares closed at Tk 14 per share on the DSE trading floor.
The Savar-based textile factory paid out an 8 per cent cash dividend to its shareholders for the year that ended on June 30, 2022.
